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New figures show the leaders in banking satisfaction and advocacy

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New figures released today show the customer owned banking sector is the clear leader on customer satisfaction and advocacy, at a time when trust in the banking sector is more important than ever.

The customer owned banking sector’s performance on the Roy Morgan Research Net Promoter Score scale is in a completely different ballpark from the major banks.

The major banks are at minus 6 compared to the customer owned sector at plus 26, a trend that has remained consistently the case for the last two years.

COBA CEO Michael Lawrence said this sustained performance is a reminder to regulators not to punish smaller banking institutions for the misconduct of the major banks.

“We can see from the net promoter score results that there is a real, compelling choice for consumers beyond the big four banks,” Mr Lawrence said.

“Our sector leads the field on customer satisfaction and advocacy.

“Let’s not penalise trusted institutions.

“The hearings of the Royal Commission are telling us that we need a new approach.

“We are experiencing wave after wave of regulatory change, with little attention being devoted to ensuring this regulation is proportionate.

“Rules are made with the big four banks in mind. That’s why we have launched the #MoreThan4 campaign.

“We need to make sure that regulation is proportionate, tightly targeted and doesn’t harm competition.

“Banking must be strongly regulated but excessive regulatory costs damage competition and consumers ultimately pay the price.

“With net promoter scores and customer satisfaction levels like these, the focus from regulators and policy makers should be on proportionate regulation, which will strengthen the capacity of smaller competitors to apply competitive pressure to the major banks.”

Read more about the Roy Morgan Research here.

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For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. See customerownedbanking.asn.au

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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